Take a look at my previous chart for the case behind why MGTI will break out and will trade over $10 in 2018.
The earlier chart focuses on the past few months, this chart looks at May 2016 through November/December 2017 to show the broader trend at play.
You can see there's a massive that's formed and we're currently finishing off the handle phase. What typically happens to a stock at this phase? It reverses!
Both the long term and short term (3 month) chart have all of the pieces lining up.
MGTI could decline further down to $1.30 by the end of the week due to relentless short pressure all though they seem to be running out of steam.
Next week however its game-on. Q3 the week after that. Its a foregone conclusion that Q3 will show a substantial improvement over Q2 thanks to the addition of 600 mining rigs that were deployed mid-August. MGTI immediately sells bitcoins upon their creation.
Expect to see $5-6 by EOY on MGTI assuming BTC continues its march to $1 million per bitcoin . (Hint: It will).
2018 expect to see $12-15 or higher come summer.
MGTI could very well be a billion dollar company in the coming years. I see great things in store for longs, you just have to get through the crap first.
Price has been hammered by short sellers and profit takers. Fast cash went into MGTI and has been coming out ever since. Fast cash will once again flow into MGTI , especially on positive Sentinel news next week but in my view BTC mining alone is enough to take this company to the moon.
Break out run $4.50
2nd price target $5.24
Targets 1 and 2 are likely within the next 2-3 weeks with 3-5 targets being likely by EOY.
Looking for it to break $2.56 to confirm break out of the handle. Could happen by tomorrow or Monday.
Getting close to breaking the handle - need to hit around $2.56 or so to break out and $2.70 would be a good confirmation all though each day that goes by without breaking the handle the proverbial 'bar' gets lowered a bit.
Q3 2017 earnings on or around November 9th/15th (day is unknown, those are just guesses)